For Immediate Release
December 12, 2017
Vancouver, BC – December 12, 2017 – NaiKun Wind Energy Group Inc (TSX-V NKW) (the “Company”) held its Annual General Meeting in Vancouver British Columbia On December 5, 2017.
With over 20 million shares of the Company voted, the results of items put before the Company’s shareholders include:
- Election of Board of Directors: Philip Hughes, Joseph Houssian, David Rehn, Arthur Willms and Michael O’Connor were re-elected to the Board of Directors.
- Re-Appointment of Auditors: KPMG LLP, Chartered Professional Accountants, were re-appointed as auditors of the Company.
- 10% Rolling Stock Option Plan: The shareholders confirmed and re-approved the Company’s “rolling 10%” stock option plan.
- At the AGM, Michael O’Connor gave an update on the Naikun/Orsted (previously Dong) Energy partnership and the joint work with the Province of BC to advance the first phase of the project. He explained that Orsted Energy is the largest offshore wind company in the world and their vision is “a world that runs entirely on green energy”. Orsted develops, constructs and operates offshore wind farms, bioenergy plants and innovative waste-to-energy solutions, providing smart energy products to its customers. Their objective is to do this same work in the USA, Canada (NaiKun) and wherever good wind resources make this feasible. Orsted Energy have confirmed that the NaiKun wind resource is an “exceptional offshore wind project with site characteristics that rival the best in the world” and is now cost competitive with other sources of energy. Michael O’Connor noted these meetings are progressing well and expressed optimism that the NaiKun project could become part of the BC Government’s Energy road map that is currently in the development stages.
In addition, the Company granted incentive stock options to certain directors, officers, employees and consultants to purchase up to an aggregate of 1,400,000 common shares of the Company. The options are exercisable at a price of $0.095 per share, will expire on November 1, 2027, and will vest 50% at issue and 50% after 180 days.
NaiKun Wind Energy Group Inc. is a British Columbia-based renewable energy company. Located on B.C.’s northwest coast, where the wind resource is one of the strongest and most consistent in the world, NaiKun Wind’s 396MW offshore wind project would generate enough energy to provide electricity to 200,000 B.C. homes. If the project does proceed it is expected to result in an estimated 500 jobs during construction, 50 permanent jobs for maintenance and operations and over $400 million in direct expenditures in the province during construction, of which $250 million will benefit North Coast communities.
Caution Regarding Forward-Looking Statements – This news release contains certain forward-looking statements, including statements regarding the business and anticipated financial performance of the Company. These statements are subject to a number of risks and uncertainties. Actual results may differ materially from results contemplated by the forward-looking statements. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. The Company does not undertake to update any forward-looking statements, oral or written, made by itself or on its behalf.
The NaiKun Wind project is at an advanced stage of development with environmental approvals from the Provincial and Federal Governments and agreements in place with key suppliers and First Nations. Given its development status, construction can begin within two years if an electricity purchase agreement can be secured. For more information on NaiKun Wind, please visit www.naikun.ca.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information please contact:
Michael O’Connor, President & CEO
NaiKun Wind Energy Group Inc.
Tel: 604-631-4483 • Fax: 604-685-4215